Posts Tagged ‘CGB pool’

With Bitcoin gaining wider adoption as a currency across the globe, businesses not adapting to this development risk missing out on potential revenue streams. But once a business, large or small, joins the Bitcoin economy, it faces misallocation of risk. In particular, given Bitcoin’s still maturing market, businesses are susceptible to price volatility, which can stress balance sheets. So a common question many businesses will ask is how to hedge against the inherent risks of adopting Bitcoins. Cryptogenic Bullion, a virtual commidity-currency, aims to answer such a question.

A fork of the virtual currency Peercoin, Cryptogenic Bullion (CB) was designed to be a rare, interest bearing, peer-to-peer virtual commodity with the currency characteristics similar to Bitcoin. It maintains the same features as Bitcoin: decentralization, anonymity, and low fees. But it also has some differences: accelerated decrease of the mining subsidy and 2% annual interest eligible for coins which have been stationary in a user’s wallet for at least 30 days. The mining subsidy is the reward from the Proof of Work (PoW) scheme that fortifies Bitcoin. Moreover, the 2% annual interest is as result of the Proof of Stake (PoS) scheme, which increases the security of the block chain against 51% attacks.

The mining subsidy is initially set to 10 CB per block and is halved every 50,000 blocks. This will continue until reaching a block reward floor of 0.01 CB. By this time there will be approximately one million CB in existence, and the 0.01 CB block reward will equate to about 0.5% annual inflation.

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